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Piyush Goyal to attend IPEF ministerial, strengthen trade ties with the US
Union minister of commerce and industry Piyush Goyal will visit San Francisco and Los Angeles in the US during September 5-10 to attend the India-US Strategic Partnership Forum conference and Indo-Pacific Economic Framework (IPEF) ministerial meeting
NEW DELHI: Union minister of commerce and industry Piyush Goyal is visiting the United States next week to strengthen economic ties between the two countries and to attend the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial besides participating in the India-US Strategic Partnership Forum.
The IPEF was launched on May 23 by US President Joe Biden at an event in Tokyo that was also attended by leaders of partner countries of the Indo-Pacific region such as Prime Minister Narendra Modi and Japanese Prime Minister Kishida Fumio. The initial partners of the forum are Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
This will be the third ministerial meeting of IPEF; the first two were in May and July.
“The meet would focus on strengthening economic cooperation and enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region,” a statement on Friday by the commerce ministry on Piyush Goyal’s visit to the US said.
The IPEF is structured around four pillars – Trade, Supply Chains, Clean Economy, and Fair Economy, the commerce ministry said in a statement adding that the minister will visit San Francisco and Los Angeles from September 5 to September 10. Goyal is also the minister for consumer affairs, food and public distribution and textiles.
A White House statement on the May 23 launch of IPEF stressed that its member states together represent 40% of world GDP. “IPEF will strengthen our ties in this critical region to define the coming decades for technological innovation and the global economy. Framework will create a stronger, fairer, more resilient economy for families, workers, and businesses in the United States and in the Indo-Pacific region,” the White House statement said.
The commerce ministry statement underlined India’s commitment to a free, open and inclusive Indo- Pacific Region, saying it will work towards deepening economic cooperation among partners for growth and prosperity of the region. “The framework is inclusive and allows flexibility to partner countries to associate with pillars based on their respective priorities,” it added.
Goyal will also hold bilateral meetings with US Secretary of Commerce, US Trade Representative (USTR) and ministers from other IPEF partner countries on the sidelines of the IPEF ministerial, it said.
India and the United States (US) enjoy a comprehensive global strategic partnership covering almost all areas of human endeavour, driven by shared democratic values, convergence of interests on a range of issues, and vibrant people-to-people contacts. Regular exchanges at the leadership-level have been an integral element of the expanding bilateral engagement.
During the visit, Goyal will also interact with the CEOs of multinationals, Indian diaspora, startup community including venture capitalists and academia to propel existing trade and investment relations between Indian and US business communities, it said.
“The visit would focus upon emphasizing the attractiveness of India as the most preferred investment destination with a number of government interventions such as Gati-shakti, Startup India, Investment Corridors, measures undertaken for ease of doing business and improving investment climate,” it added.
The minister is to engage with the vibrant Startup community in San Francisco to explore greater partnerships with the Indian startup ecosystem, mobilize global capital for India’s domestic markets, and encourage mentorships by experienced global business leaders for Indian entrepreneurs.
Curated interactions with the startup ecosystem and the Indian diaspora that will help in empowering and mentoring their growth and expansion are also on the agenda, the statement said. The minister will also launch Institute of Chartered Accounts of India’s (ICAI) representative offices in the US, it added.
Goyal is also expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, specifically, in the Silicon Valley to undertake focused discussions with American companies looking to invest or expand in India across sectors - Electronics (including Semiconductor), Technology, FinTech etc.
